Everything you need to know about prepaid cards

POSTED ON: 26 Jun, 2018

Deciding where to keep you money is almost as difficult and making up your mind how to spend it. There are more options that ever before and the choice only gets harder. Over the last few years, there has been a significant growth in the use of prepaid cards. Even though it all started as a simple and convenient payment method for those not having access to banking services, prepaid cards have now become a popular and powerful alternative to traditional banking. So what makes these payment cards unique? Let’s have a look.

Even though prepaid cards might look exactly like credit cards, there’s no credit behind them and technically they work more like debit cards. You never spend bank’s money, only your own. The main difference from debit cards is that you don’t really need a bank account to use a prepaid card. You simply load money directly onto the card and then use it for whatever you want, pay bills, shop online or in grocery stories, withdraw funds in ATM if you need cash. Once the balance on the card is too low, you top up the balance and continue using it.

Prepaid cards are promptly becoming popular in the corporate environment as well. It provides a new level of control as administrators get all the visibility on where and how the funds are spent and it helps to minimise improper use of corporate funds. It’s a perfect tool to keep business costs in check and overspending becomes impossible as cardholder can spend only as much as it has been loaded by a responsible card administrator. Prepaid cards in the companies are not only used for operational functions but also for various benefits, employee rewards or goodwill payments, rebates, incentives etc.

So if you are looking for a smart and convenient alternative for your personal or corporate finances, we strongly recommend you to have a look at our prepaid card solution. With SatchelPay you can order it in seconds, receive in just a few days and enjoy the advantages of extremely safe and simple way to manage your funds.

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